What is a Mastercard Credit Card?
Mastercard issues credit cards with a large credit card network. It is a large company operating worldwide, and the cards are accepted in almost every country.
In the US, you will have a choice between Mastercard, Visa, and AmEx credit cards. The Mastercard credit card promises to help make your financial and personal dreams come true. With its cards being accepted worldwide and many benefits, you might find the exact credit card that matches your needs.
Types of Mastercard Credit Cards
MasterCard credit cards start with the number 5. This is a distinctive feature of every Mastercard credit card. The inscription indicates the type of your Mastercard card: Standard, World, or World Elite. You should familiarize yourself with each type's bonus to decide which card is more suitable.
Standard Mastercard Credit Card
The card gives cardholders access to basic Mastercard credit card benefits. The holder of such a card can boost their online protection by connecting to McAfee for a 30-day free trial. They also have a discount on a subsequent annual subscription and can purchase it for $29.50. The cardholder has access to Mastercard ID Theft Protection and Zero Liability Protection. Help is available at any time, anywhere in the world, from Mastercard Global Service.
World Mastercard Credit Card
It gives cardholder access to premium experiences such as Priceless Experiences, offers personal and digital experiences in culture, dining, sports, and entertainment in more than 45 destinations on the globe, and Mastercard Golf which offers the cardholder to have exclusive PGA TOUR and Gold Concierge Services. World card offers exclusive discounts in Lyft, DoorDash, and ShopRunner.
World Elite Mastercard Credit Card
The card allows the cardholder to receive VIP treatment in some restaurants and hotels. The cardholder can use the World Elite Concierge service to book a table in a restaurant or a hotel room. Cash back in Fandango is added to discount offers. If you spend $20 at Fandango or Vudu, you will receive $5 to buy the next movie tickets or a movie in the online service.
World Elite Mastercard Benefits
World Elite Mastercard are premium credit cards offering a range of benefits and services to its cardholders. Some of the key World Mastercard benefits include:
- Travel benefits. World Elite Mastercard holders can enjoy travel-related benefits such as concierge service, travel insurance, trip interruption and cancellation coverage, and baggage insurance.
- Rewards programs. World Elite Mastercard cardholders can earn rewards points or miles for every dollar spent on eligible purchases, which can be redeemed for travel, merchandise, or other rewards.
- Premium services. World Elite Mastercard holders may receive access to premium services such as exclusive discounts and offers, private jets and yachts, luxury car rentals, and high-end dining experiences.
- Mastercard global service. World Elite Mastercard cardholders have access to Mastercard's 24/7 global customer service and support, including assistance with lost or stolen cards, emergency cash disbursements, and travel and medical assistance.
- Luxury lifestyle. World Elite Mastercard offers benefits and experiences that cater to a luxurious lifestyle, such as access to high-end hotels, private airport lounges, golf courses, and special events.
- Mastercard Priceless Cities. World Elite Mastercard cardholders have access to exclusive experiences and offers in some of the world's most exciting cities, including dining, shopping, and cultural events.
The exact benefits of a World Elite Mastercard may vary by the card issuer and cardholder agreement. Cardholders are advised to review their specific cardholder agreement and the Mastercard website for more information on the benefits available to them.
Where to Use Mastercard Credit Cards
Mastercard is a worldwide payment system. You can use a credit card wherever Mastercard is accepted, in any such store, restaurant, or hotel in almost all countries of the world. You can also withdraw cash from Mastercard ATMs around the world. The card can also be used to make online purchases. With a trial period of 30 days in McAfee, you can count on secure online purchases.
By opening a Mastercard travel rewards credit card, you can use it when traveling and receive travel discounts. Depending on what bonuses are offered by a particular bank card issuer, you can receive various bonuses when buying tickets and booking hotels and restaurants.
Use Mastercard cash rewards credit card in everyday purchases to receive cash back on eligible purchases, for example, in supermarkets or pharmacies.
The best Mastercard credit cards
Chase Freedom Flex
Citi Premier Card
JetBlue Plus Card
Citi Double Cash Card
Pros and Cons of Mastercard Credit Cards
Pros
- Many credit card companies issue Mastercard credit cards, and each bank sets bonuses and perks. Every future cardholder can find a card that fits their needs.
- The cardholder can get support anywhere in the world using Mastercard Global Service.
- Mastercard ID Theft Protection, Zero Liability Protection, and 30 days free trial period for McAfee are available to all Mastercard credit card holders.
- Most cards offer great deals on cash back or travel rewards.
- Individuals with poor credit can find a suitable credit card offer for them.
Cons
- Each card-issuing bank has the right to set its rates and terms, so some credit conditions may be unprofitable.
- Frequent use of a credit card can lead to cardholders falling into a debt cycle.
How to Get a Mastercard Credit Card?
The application process for opening a Mastercard credit card varies from a particular bank or financial institution. To apply, you will need to enter this information in the application form:
- Contact information, like phone number and email.
- Personal information: name, date of birth, home address, Social Security Number (SSN).
- Income information: employment status, amount of annual income, employer name, occupation.
Among the big US banks, many issue Mastercard credit cards. These are Celtic Bank, Chase, and Capital One. The application process is usually fast and takes no more than 10 minutes. Most credit card issuers deliver the card in 10-14 days.
You must meet these requirements to be qualified to receive a Mastercard credit card:
- Be legal age, 18 years old in most states. Some financial institutions may require you to be at least 21 years old.
- Be a citizen or permanent resident of the United States, that is, have an SSN or Tax ID. Credit card issuers may request your passport, state-issued ID, or driver's license to verify your identity.
- Have a source of constant income and a low debt-to-income (DTI) ratio. The income level must be confirmed using pay stubs, bank statements, W-2s, or tax returns.
The credit score requirements depend on the specific credit card. The most profitable credit cards that offer many bonuses and perks require the cardholders to have good or excellent credit scores, that is, a FICO score of 670. It is also possible to find credit cards for fair credit, i.e., a FICO score of 580. If you have bad credit, secured credit cards or cards that help build credit may suit you.
Once you submit an application, your credit card issuer will pull a credit report from three major credit bureaus. This will determine your credit limit, interest rate, and other conditions.
Mastercard Credit Card for No Credit
Many banks and financial institutions issue credit cards suitable for people with poor credit or a lack of credit history.
Capital One Platinum Secured Credit Card is a credit card for which a future cardholder does not need a certain FICO credit score to apply. Since this is a secured Platinum credit card, the applicant needs to make a refundable security deposit to guarantee their solvency.
This card has no annual fee. If the cardholder makes on-time payments for consecutive 6 months and manages their Platinum Secured Card responsibly, they become automatically qualified for an increased credit limit and a security deposit refund.
There is a suitable card for young people who build credit and those who rebuild their credit. Deserve EDU Mastercard for Students helps you build or rebuild your credit. You can get one year of Amazon Prime Student after spending $500 in the first 3 billing cycles.
Capital One Platinum Secured Card card has an APR of 22.49%. It also allows the cardholder to receive 1% cash back on all purchases. The Deserve EDU Mastercard for Students does not require a security deposit. The card does not issue an annual fee. It also offers cardholder cell phone protection for up to $600. This card also does not have foreign transaction fees.
